SoftBank swings to $7 billion quarterly loss after US AI data center writedown

SoftBank Group posted a fiscal second-quarter net loss of ¥1.12 trillion (about $7 billion), its first loss in almost two years, against a ¥2.5 trillion profit a year earlier and analyst expectations for a profit. The OpenAI backer booked a $3.7 billion loss on non-refundable advance payments for power-generation equipment for US AI data center projects, including its Pike County, Ohio campus, after changing procurement plans; cumulative payments had reached about $9.5 billion, and it may get up to $2.1 billion in rebates on future purchases. Declines in Intel shares, higher financing costs and a Vision Fund loss added to the hit. SoftBank said its OpenAI stake was worth $99.6 billion at the end of September.